Business

Sun Pharma sells CNS divisions to Strides Arcolab

Mumbai;Sept 19: Sun Pharmaceutical Industries Ltd. on Saturday said the company has signed agreement with Strides Arcolab Ltd. to sell central nervous system (CNS) portfolio of erstwhile Ranbaxy Laboratories Ltd for Rs1,65 crore.

The agreement involves transfer of two marketing divisions 'Solus' and 'Solus Care', along with employees to Strides, statement from Sun Pharma said.

The transaction is subject to approval from the Competition Commission of India and other customary closing conditions.

"All other terms and conditions of the transaction are confidential," both the companies said in a joint filing with the stock exchanges.

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